Top 4 Ways to Save on Rent

Research the Market

If you’re living in a rental property, then it’s highly likely you have intentions to move up in the world eventually. You may be saving up for a deposit for a home of your own, or perhaps you’re trying to save some money early for retirement.

Regardless of what your plans are, it’s no secret that saving money while paying off rent every week is no easy task. However, you’ll be happy to know that there are ways to minimise the amount of rent you pay, and get a little extra going toward your savings account.

It always pays to have as a thorough knowledge of the market to avoid yourself getting swindled. Go on the numerous rental websites on the internet and look at comparable rental properties to yours. Have a chat to the local residents and find out what they’re paying. This can all give you some added bargaining power when it comes to lowering the rent.

Sacrifice on Location

A little bit of delayed gratification can go a long way. You might be comfortable where you are now, only 15 minutes away from the city centre and nice and close to where you work. But the likelihood is you’re probably paying a lot more weekly for this convenience. If you relocate to a suburb further out on the city fringe, where there’s less competition for housing, you’re likely going to find less of your pay cheque going toward the weekly rent.

Sharing is Caring

…although in this case, you’re really caring for yourself. It may hurt to lose some of that prized independence you get from living alone, but adding an extra person or people to your living space means you can share the cost of the rent around. You’ll find your costs fall in other ways, too. A split bill for utilities, as well as being able to buy food and cook together, will make things much easier on your bank account.
We buy houses in Fort Lauderdale

Don’t be Down-Hearted – Downsize

It may be a good idea to take a good hard look at where you’re living and ask yourself: “Do I really need this much space?” Sure, it’s nice to have a lot of room, but downsizing to a studio apartment could be the key to getting your finances on track. These apartments have a kitchen, lounge and bedroom all in one room, and are designed for one person – though if you’re a couple, there’s no problem with making things cosy.

The Pros and Cons of Being a Renter

Thinking of Leaving Tenancy Behind – Consider These Points

One of the age-old conflicts when it comes to the property market is deciding whether renting or buying a house is the right option.

It could be that you’re a long time renter thinking it’s time to take the next step, or perhaps you’re a new tenant . Whatever your background, you’re likely to face this same forked road at some point.

Before you choose to pay for a home loan deposit or decide that it’s a rental property that you’re really after, have a think about some of these points.

The Pros

With a student loan to pay off, not to mention credit card bills and who knows what else down the track, now’s the last time you need to be saddled with more debt. And a mortgage is one of the biggest debts you’ll ever have!

Better yet, with a rental property, you’re not tied to any one place. You’re free to move around and go anywhere at what is effectively the drop of a hat, pending your rental agreement. With a house you own, if a new career or lifestyle opportunity opens up, you can’t just pack up and go.

Not only that, but because you’re not doing any maintenance or repairs or dealing with rates and insurance you’ll save on both money and the stress that such obligations can lead to.

The Cons

While you might be saving money in the short term, in the long term the money you’ve paid to effectively help your landlord get ahead could have been used for a home loan deposit, or your own mortgage.

Furthermore, because it’s not your home, you aren’t able to make any major improvements or renovations to the property without your landlord’s permission. Even when you do, you’re not the one who will be reaping most of the benefits from your time, effort and money.

Finally, a point as crucial as it is obvious: It’s not your home. You aren’t sharing any profit the house may make and when your lease runs out, your landlord can simply ask you to leave. Whether it’s because the market’s had a convenient upturn or it’s because he or she would like to move into the property for his or herself, it’s the landlord’s property and they can choose to do what they wish with it – within the law of course.